Bending Spoons Buys Airtable at $9 Billion Discount
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The Unlikely Buyer and the Flawed Valuation Model
The recent acquisition of Airtable by Bending Spoons has sent shockwaves through the tech industry. The steep price drop from its 2021 peak is not the only reason for this surprise; it also marks a significant shift in how companies are valued. For years, the industry has been driven by a flawed valuation model that prioritizes growth over profitability.
Bending Spoons, an Italian unicorn known for its aggressive acquisition strategy, targets underpriced software companies with well-known brands. It cuts costs and reworks their pricing and product design to unlock value. Its latest target was Airtable, valued at over $11 billion during the 2021 tech boom but snapped up by Bending Spoons for $1.285 billion after a year of declining value on secondary markets.
Bending Spoons’ CEO Luca Ferrari tied the price to Airtable’s growth, highlighting its annual recurring revenue grew more than 20% year-over-year to approximately $480 million as of June 2026. This suggests that Ferrari and his team believe they can unlock further value from Airtable by combining it with their existing portfolio.
The deal raises questions about the sustainability of the current software valuation model. Investors have been valuing companies based on growth prospects rather than profitability, leading to inflated prices and a bubble that eventually bursts. The 2021 tech boom saw many companies, including Airtable, being valued at absurd levels only to see their value plummet when reality set in.
Bending Spoons’ cofounder Matteo Danieli claims the current environment is favorable for buyers as many companies have adjusted their valuations downwards. However, this raises an important question: what does it say about industry priorities when a company like Airtable, with a still-growing revenue stream, can be snapped up at a fraction of its former value?
The answer lies in how companies are being valued. The current model assumes growth will continue indefinitely and that profitability is secondary to expansion. However, this approach is unsustainable in the long term.
Bending Spoons’ strategy may seem clever, but it also highlights the need for a fundamental overhaul of the industry’s valuation model. The current boom in IPOs, led by companies like SpaceX and Anthropic, exacerbates the problem, creating a new class of ultrawealthy investors focused on short-term gains rather than long-term sustainability.
As Bending Spoons integrates Airtable into its portfolio, investors should scrutinize the company’s finances. Its F-1 filing in June revealed revenue growth of 95% year-over-year to $1.31 billion in 2025, but also showed operating profit more than doubled to $278 million. The question remains: can Bending Spoons sustain this momentum and unlock further value from Airtable?
The answer will only be known when the deal closes pending regulatory approval. However, one thing is certain: the industry’s valuation model needs a fundamental shift towards prioritizing profitability over growth. Otherwise, we risk repeating the same mistakes that led to the 2021 tech boom and its subsequent bust.
Bending Spoons’ success in integrating Airtable will be closely watched as other companies go public this summer. But for now, the question remains: can this unlikely buyer unlock further value from its latest acquisition, or is it just another example of the industry’s flawed valuation model?
Reader Views
- TTThe Trail Desk · editorial
The Airtable acquisition is a wake-up call for investors who have been living in a fantasy world of growth over profits. But what's truly concerning is the long-term impact on innovation. Bending Spoons' cost-cutting strategy may unlock short-term value, but it can also stifle innovation and creativity within these companies. As valuations continue to drop, will entrepreneurs still be willing to take risks and develop new products, or will they play it safe and prioritize short-term gains? The answer to this question will determine the future of the tech industry.
- JHJess H. · thru-hiker
It's about time someone called out the flawed valuation model driving the tech industry's growth obsession. Bending Spoons' acquisition of Airtable is just another data point in the ongoing saga of overvalued software companies. But what gets lost in all this financial wizardry is how these deals impact actual users. Will Bending Spoons' cost-cutting measures improve Airtable's core product, or will it sacrifice functionality for profit? One thing's for sure: as investors continue to chase growth at all costs, someone's going to end up with a bruised bottom line – and possibly a mediocre spreadsheet tool to boot.
- MTMarko T. · expedition guide
It's about time someone finally put a value on Airtable that reflects its true worth. The market was absurdly inflated in 2021, and I'm not surprised to see the valuation come crashing down. But what's striking is how Bending Spoons is reaping the benefits of this correction. They're essentially picking up where investors left off – buying undervalued assets with established brands and tweaking them for profit. The real question is whether their model can be replicated elsewhere, or if they've simply exploited a one-time anomaly in the market.